Joseph Moore

Right.

I beat the market.

It wasted my time.

So there's a good paper on this that shows that asset managers with $600 billion or more do indeed beat the market by about one half of 1% a year.

And if you got $600 million, that's good money.

But if you take the median 401k balance and you do what those asset managers do, spend four years of tuition at Yale, do a free internship, and then work 70 plus hour weeks, you're going to take the median 401k balance and you're going to eke out an additional 500 bucks a year.

So you can get one extra hotel night in Miami, but would that really be worth your time?

I tell people like, don't focus on beating the market.

Focus on using the market to get where you want to go.

And you can do that all day long.

And people have been doing it for 300 years.

Well, I think first and foremost, committing yourself to a path where you kind of understand, it's very dangerous to invest in things you don't understand.

I think that is, so in the book, I label out 25 things that always worked and seven things that didn't.

One thing that fails pretty regularly in history is novice investing in a thing you do not understand.

Like not taking the time to get a true education in that thing.

We have the bankruptcy wreck.

So people don't know this often.

We did not get bankruptcy until about halfway through American history.

So you literally, if you failed, you were done.

And there's one exception to that.